Shares of Steel Dynamics, Inc. (NASDAQ: STLD ) plunged 9% on Thursday as investors reacted to President Trump’s reciprocal tariff announcement, and shares are now moving back toward a 52-week low. As a domestic steel producer, STLD does not haveOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an article, just let ...

Company Performance - Steel Dynamics (STLD) ended the latest trading session at $127.09, reflecting a +1.72% change from the previous day's close, outperforming the S&P 500's daily loss of 1.07% [1] - Over the past month, shares of Steel Dynamics have decreased by 8.02%, which is worse than the Basic Materials sector's loss of 0.56% and the S&P 500's loss of 7.03% [2] - The upcoming earnings disclosure is expected to show an EPS of $1.41, representing a 61.58% decline compared to the same quarter last year, with projected net sales of $4.17 billion, down 11.11% from the previous year [3] Annual Forecast - For the entire year, the Zacks Consensus Estimates predict earnings of $9.49 per share and revenue of $17.85 billion, indicating changes of -3.56% and +1.79%, respectively, compared to the previous year [4] Analyst Sentiment - Recent revisions to analyst forecasts for Steel Dynamics are important, as upward revisions indicate analysts' positive outlook on the company's business operations and profit generation capabilities [5] - The Zacks Rank system, which reflects these estimate changes, currently ranks Steel Dynamics at 3 (Hold), with a 5.41% increase in the Zacks Consensus EPS estimate over the last 30 days [6][7] Valuation Metrics - Steel Dynamics has a Forward P/E ratio of 13.16, which is a premium compared to the industry's average Forward P/E of 12.19, and a PEG ratio of 0.92, below the industry average PEG ratio of 1.04 [8] Industry Context - The Steel - Producers industry, part of the Basic Materials sector, holds a Zacks Industry Rank of 175, placing it in the bottom 31% of over 250 industries, indicating weaker performance compared to higher-ranked industries [9]

Core Insights - Steel Dynamics, Inc. (STLD) has provided earnings guidance for Q1 2025 in the range of $1.36 to $1.40 per share, compared to $1.36 in Q4 2024 and $3.67 in Q1 2024 [1] Group 1: Earnings and Operations - The company's steel operations are expected to be more profitable in Q1 2025 than in Q4 2024, driven by higher shipments that will offset some metal margin compression due to lagging contractual steel pricing [2] - Earnings from metals recycling operations in Q1 2025 are anticipated to be higher than in Q4 2024, supported by stronger realized prices and stable volumes for both ferrous and nonferrous materials [3] - Earnings from steel fabrication operations in Q1 2025 are expected to be lower than the previous quarter due to seasonally reduced shipments and a slight decline in realized prices, although order activity has improved [4] Group 2: Demand Drivers - Demand is being driven by sectors such as energy, non-residential building, automotive, and industrial, with increased domestic manufacturing investment and infrastructure programs expected to positively impact demand for various steel products [2][4] Group 3: Financial Actions - The board increased the Q1 2025 cash dividend by 9% to 50 cents per common share and authorized an additional $1.5 billion in share repurchases, following the exhaustion of the previous program [5] - As of March 12, 2025, STLD had repurchased $191 million, or 1%, of its common stock in Q1 [5] Group 4: Stock Performance - Shares of Steel Dynamics have declined by 10.8% over the past year, compared to a 17.7% decline in its industry [6]

Core Viewpoint - Steel Dynamics, Inc. anticipates first quarter 2025 earnings guidance between $1.36 and $1.40 per diluted share, a decrease from $3.67 per diluted share in the same quarter last year [1] Group 1: Earnings Guidance and Performance - The company's steel operations are expected to show stronger profitability in Q1 2025 compared to Q4 2024, driven by increased shipments that offset some metal margin compression [2] - Earnings from metals recycling operations are projected to be higher than Q4 2024 results due to stronger realized pricing and stable volumes for ferrous and nonferrous materials [3] - Earnings from steel fabrication operations are expected to decline compared to Q4 2024, attributed to seasonally lower shipments and a less than five percent decrease in realized pricing [4] Group 2: Demand and Production - Demand is being led by the energy, non-residential construction, automotive, and industrial sectors, with the Sinton Texas Flat Roll Division operating at over 90 percent production levels [2] - The order backlog for steel fabrication has improved, extending into Q3 2025, supported by increased order activity primarily from commercial, data center, manufacturing, warehouse, and healthcare sectors [4] Group 3: Capital Management - The board of directors increased the Q1 2025 cash dividend by nine percent to $0.50 per common share and authorized an additional $1.5 billion for share repurchases, following the exhaustion of the previous program [6] - As of March 12, 2025, the company repurchased $191 million, or one percent, of its common stock during the first quarter [6] Group 4: Future Developments - The company is progressing with the commissioning of its Columbus, Mississippi aluminum flat rolled products mill and expects to begin shipping material by mid-2025 [5]

Group 1: Steel Dynamics, Inc. (STLD) Financial Activities - Steel Dynamics has completed the sale of $600 million of 5.25% Notes due 2035 and $400 million of 5.75% Notes due 2055, with proceeds aimed at general corporate purposes and redeeming $400 million of 2.4% Senior Notes due in June 2025 [1] - The transaction aligns with Steel Dynamics' long-term strategy to establish a solid capital foundation for supporting personnel, customers, shareholders, and future growth [1][2] Group 2: Market Conditions and Demand Outlook - Steel Dynamics anticipates favorable market conditions to support rising demand across its operational platforms in 2025, with stabilized steel pricing and strong customer optimism [3] - The company believes that demand for domestically manufactured steel products with reduced carbon emissions will bolster future domestic steel prices [3] - Onshoring of manufacturing and significant public funding investments related to infrastructure and energy programs are expected to enhance the competitiveness of the domestic steel industry [3] Group 3: Competitor Insights - Nucor expects first-quarter 2025 earnings in steel mills and products to be comparable to the fourth quarter of 2024, while raw materials segment earnings are predicted to decline [4] - U.S. Steel forecasts first-quarter 2025 adjusted EBITDA between $100 million and $150 million, with a decline in the Flat-Rolled segment due to logistics constraints [5] - ArcelorMittal projects a 2.5% to 3.5% increase in world ex-China apparent steel consumption in 2025, supporting steel export growth despite near-term subdued demand [6]

Core Viewpoint - Steel Dynamics, Inc. has successfully completed the sale of $600 million of 5.250% Notes due 2035 and $400 million of 5.750% Notes due 2055, with net proceeds aimed at general corporate purposes, including the repayment of existing senior notes [1][2] Group 1: Financial Details - The company issued a total of $1 billion in notes, consisting of $600 million in 5.250% Notes due 2035 and $400 million in 5.750% Notes due 2055 [1] - The proceeds from the notes will be utilized for general corporate purposes, which may include the repayment of $400 million in 2.400% Senior Notes due June 2025 [1] Group 2: Strategic Intent - The transaction aligns with the company's long-term strategy to strengthen its capital foundation, supporting growth and maintaining investment-grade credit ratings [2] - The company emphasizes the importance of investment-grade ratings for accessing lower-cost and longer-term capital, enhancing financial strength and creating value [2] Group 3: Company Overview - Steel Dynamics is one of the largest steel producers and metals recyclers in North America, with facilities across the U.S. and Mexico [4] - The company produces a variety of steel products, including hot roll, cold roll, coated sheet steel, and structural steel, as well as liquid pig iron and scrap processing [4] Group 4: Underwriters - The offering of the notes was managed by J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, PNC Capital Markets LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, and Truist Securities, Inc. [3]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-21719 Steel Dynamics, Inc. (Exact name of registrant as specified in its charter) Indiana 35-1929476 (State or other jurisdiction of incorporation or organization) ( ...

Company Performance - Steel Dynamics (STLD) closed at $133.48, showing no change from the previous day, while the S&P 500 gained 0.01% [1] - Over the past month, shares of Steel Dynamics have appreciated by 5.06%, outperforming the Basic Materials sector's gain of 0.67% and the S&P 500's loss of 2.26% [1] Upcoming Earnings - The upcoming earnings disclosure is anticipated, with an expected EPS of $1.64, reflecting a 55.31% decline compared to the same quarter last year [2] - Revenue is projected to be $4.14 billion, down 11.81% from the prior-year quarter [2] Annual Forecast - For the entire year, earnings are forecasted at $9.01 per share and revenue at $17.47 billion, indicating changes of -8.43% and -0.41% respectively compared to the previous year [3] Analyst Estimates - Recent adjustments to analyst estimates for Steel Dynamics are noteworthy, as they often indicate changing near-term business trends [4] - Positive estimate revisions are viewed as a sign of optimism regarding the company's business outlook [4] Zacks Rank and Valuation - The Zacks Rank system, which integrates estimate changes, currently ranks Steel Dynamics at 3 (Hold) [6] - The Forward P/E ratio for Steel Dynamics is 14.82, which is a premium compared to the industry average of 12.83 [7] PEG Ratio - Steel Dynamics has a PEG ratio of 1.04, which is lower than the average PEG ratio of 1.16 for Steel - Producers stocks [8] Industry Ranking - The Steel - Producers industry ranks in the bottom 14% of all industries, with a current Zacks Industry Rank of 216 [9]

Core Viewpoint - Steel Dynamics, Inc. (STLD) is enhancing shareholder value through increased cash dividends and a significant share repurchase program, while maintaining strong financial performance and growth strategies. Group 1: Dividend and Share Repurchase - The board of directors announced a first-quarter cash dividend of 50 cents per common share, marking a 9% increase over the previous quarterly rate for 2024, payable on or around April 11, 2025 [1] - An additional $1.5 billion share repurchase program has been authorized, effective immediately, complementing a prior $1.5 billion program with $194 million still available for repurchase as of December 31, 2024 [2] Group 2: Financial Performance and Growth - Since 2017, STLD has repurchased $6.7 billion of its common stock, representing 41% of its outstanding shares, and paid cash dividends totaling $1.7 billion through December 31, 2024 [3] - The company has invested $7.1 billion in capital investments and acquisitions over the past five years, achieving a best-in-class after-tax return on invested capital of 24% [3] Group 3: Market Conditions and Demand - The company anticipates favorable market conditions to support rising demand across its operational platforms in 2025, with stabilized steel pricing and strong customer optimism [6] - The ongoing onshoring of manufacturing and expected public funding for infrastructure will enhance the competitiveness of the domestic steel industry [7] Group 4: Stock Performance - Shares of Steel Dynamics have gained 1.6% over the past year, contrasting with a 21.6% decline in its industry [5]

Core Viewpoint - Steel Dynamics, Inc. has announced a 9% increase in its first quarter cash dividend to $0.50 per common share, reflecting strong cash generation capabilities and confidence in future growth [1][4] Dividend Announcement - The board of directors declared a cash dividend of $0.50 per common share for the first quarter, which is a 9% increase from the 2024 quarterly rate [1] - The dividend is payable to shareholders of record on March 31, 2025, and will be distributed around April 11, 2025 [1] Share Repurchase Program - An additional share repurchase program of $1.5 billion has been authorized, effective immediately, adding to the previous $1.5 billion program from November 3, 2023, which had $194 million remaining as of December 31, 2024 [2] - Since 2017, the company has repurchased $6.7 billion of its common stock, which represents 41% of its outstanding shares [3] Financial Performance and Strategy - The company has paid cash dividends totaling $1.7 billion through December 31, 2024, while investing $7.1 billion in capital investments and acquisitions over the last five years [3] - Steel Dynamics maintains a strong after-tax return on invested capital of 24%, indicating effective capital utilization [3] Leadership Commentary - The CEO emphasized that these actions demonstrate the board's and leadership's confidence in the company's cash generation capabilities and commitment to shareholder distributions [4] - The share repurchase program allows flexibility in purchasing shares based on market conditions and other investment opportunities [4] Company Overview - Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America, with a diverse range of steel products and facilities across the United States and Mexico [5]